Most Popular
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Market uncertain on Korea's October rate cut despite slowed inflation
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Special counsel bill to probe first lady scrapped
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Korean bands get their day in the sun, finally
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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Korea reports 8.5% rise in suicide rate
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Samsung denied full exemption from tax bill through disputed patent-licensing deal
Samsung Electronics must pay 1.5 billion won ($1.34 million) in corporate tax, according to South Korea’s top court, which decided that the company’s patent-licensing deal with an Ireland-based conduit company was a tax-dodging attempt to exploit the special exemption clause in the Korea-Ireland tax treaty.The Supreme Court on Wednesday ruled against plaintiff Samsung Electronics, ending the five-year litigation filed by the tech giant in 2013 challenging tax authorities’ decision to hold it res
Jan. 9, 2019
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[CES 2019] Purifier specialist Coway introduces future technology
During the Consumer Electronics Show 2019, household appliance company Coway showcased its cutting-edge water and air purifier solutions and electronic toilet seat as part of its new technologies.Coway’s CIROO 2.0 filter system for direct water purification was awarded the CES 2019 Innovation Award in the home appliances category. Short for Coway Intensive Reverse Osmosis, the CIROO filter was recognized for enabling unlimited use of room-temperature and cold water. Its replaceable water channel
Jan. 9, 2019
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The Face Shop acquires Avon’s Guangzhou factory for W79b
LG Household & Healthcare’s cosmetics brand The Face Shop has acquired a 100 percent stake in global beauty brand Avon’s factory in Guangzhou, China, for 79.3 billion won ($70 million), the company said Wednesday. (Yonhap)The company said that through the buyout, it will maximize The Face Shop’s manufacturing capacity and strengthen its presence in China and global markets.The firm said the buyout process will be completed by February, following the Chinese government’s approval.Built on 74,500
Jan. 9, 2019
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KT, Chungbuk National University, Lotte, SKT top user satisfaction: NCSI
Customer satisfaction for companies and universities in South Korea reached an all-time high in 2018 despite challenging economic situations, a recent survey by the Korea Productivity Center showed.The National Customer Satisfaction Index for 2018 stood at 76.5 points, up 0.9 point, or 1.2 percent, from the previous year, according to the KPC’s survey of 88,209 respondents who have used the products and services of 325 companies and universities in 76 respective sectors. This yearly figure was t
Jan. 8, 2019
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LG Hausys wins innovation award at CES 2019
LG Hausys, a housing material manufacturer, said Tuesday that its Hidden Display Handle won an innovation award at the Consumer Electronics Show 2019, in a first for the housing material industry.The Hidden Display Handle features internet of things technology. Its built-in display shows information on the weather, fine dust concentration levels, as well as air quality. The design has a graphical user interface that hides the liquid-crystal display. LG Hausys’ Hidden Display Handle (LG Hausys)T
Jan. 8, 2019
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Hanjin Heavy's overseas affiliate files for rehabilitation scheme
Hanjin Heavy Industries & Construction Co., a midsized shipyard here, said Tuesday that its affiliate in the company's Philippine shipyard has filed for a rehabilitation scheme.In a regulatory filing, the shipbuilder said HHIC-Phil Inc., which operates the Subic yard, has filed for an insolvency scheme in the archipelago country. (Yonhap)Hanjin Heavy and its affiliate have been suffering from a drop in new orders amid the protracted slump in the global shipbuilding sector.In 2004, Hanjin Heavy b
Jan. 8, 2019
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SDI joins transport innovation with batteries for Harley-Davidson
Samsung SDI’s battery packs will be used for new electric motorcycles of the US motorcycle manufacturer Harley-Davidson, according to the Korean battery maker on Tuesday. The US firm’s first electric motorcycle, called Livewire, will feature Samsung’s batteries and will be able to travel 180 kilometers on a single charge. This is twice as long as the firm’s prototype electric motorcycle, Project Livewire, which ran 97 kilometers on a single charge in 2014. Livewire will be able to go from zero t
Jan. 8, 2019
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[CES 2019] LG Electronics debuts rollable OLED TV at CES
South Korean home appliance maker LG Electronics Inc. on Monday unveiled the world's first rollable OLED television, which can appear and disappear from a base unit with a click of a remote control. The LG Signature OLED TV R model, which measures 65 inches and features a 4K resolution display, was showcased ahead of the Consumer Electronics Show in Las Vegas, which runs from Tuesday to Friday.(Yonhap)The company said consumers can also set the TV to show a "line"view, which retracts the screen
Jan. 8, 2019
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SK Innovation chief shifts focus to global battery biz
The chief of South Korea’s leading energy firm SK Innovation Kim Jun is currently visiting the US as part of the company’s shift in focus from the traditional refinery business to the battery and material sectors, the company said Monday. SK Innovation President and CEO Kim first landed in Georgia, where he inspected a site for a battery factory. Last year, the company announced it would be building the battery plant with some $1 billion, which will be the largest production plant solely used f
Jan. 7, 2019
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Will coalition of SK Telecom, media giants be a match for Netflix?
With South Korea’s biggest mobile carrier pledging to integrate its streaming service with that of the country’s major broadcasters, focus is on how much the collaboration will affect the growing competition between domestic and global streaming service companies. On Jan. 3, SK Telecom and Korea’s three territorial broadcasters agreed to establish a new entity designed to manage their over-the-top video services. Their new OTT platform is expected to be available in the first half of this year
Jan. 7, 2019
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[Monitor] More manufacturing businesses post losses in 2017
The number of South Korean manufacturing companies that posted operating losses spiked in 2017, data from Statistics Korea showed. According to the agency’s research on the corporate activities of major manufacturing businesses here, those who saw their yearly net profit ratios dip below zero percent rose 4.2 percentage points to 22.8 percent in 2017 from the previous year’s 18.6 percent. A net profit ratio refers to the ratio of net profits to net sales. A net profit ratio below zero percent tr
Jan. 7, 2019
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Yuhan, Gilead sign deal to develop new liver drug
South Korea’s healthcare company Yuhan Corporation signed a deal worth over 878 billion won ($785 million) with US’ Gilead Sciences to jointly develop potential new drugs for the treatment of patients with advanced fibrosis due to nonalcoholic fatty liver disease, the company said Monday.Nonalcoholic steatohepatitis (NASH) is a chronic and progressive liver disease characterized by fat accumulation and inflammation in the liver, which can lead to scarring, or fibrosis, that impairs liver functio
Jan. 7, 2019
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Hanwha Q Cells ranks top in German solar module market
Hanwha Q Cells, the solar cell manufacturing arm of Hanwha Group, took up the largest share in the German solar module market last year, according to German research firm EuPD Research. Hanwha’s share in the market stood at 11.5 percent, up 4.3 percent from 2017. It is followed by two German firms, Heckert Solar and IBC Solar, which had 8.2 percent and 7 percent share each. Hanwha Q CellIts major products in the module area are Q.HOME, a household energy storage solution that comprises modules,
Jan. 7, 2019
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LS Cable wins order for submarine cables in Taiwan
LS Cable & System Ltd., South Korea's leading wire and cable maker, said Monday it has won a contract with a German wind power firm to export subsea cables to a wind farm in Taiwan. LS Cable & System`s main office in Anyang, just south of Seoul (Yonhap)The contract is for the supply of 170 kilometers of high-voltage underwater cables for the offshore wind farm named Yunlin, located off the shore of Yunlin County in Taiwan. The farm is built by the YunNeng Wind Power Co., part of the wpd group, o
Jan. 7, 2019
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Samsung logs explosive growth over 50 years
Samsung Electronics Co. has posted explosive growth since its inception 50 years ago to emerge as a global tech behemoth, a report showed Monday.Samsung, which marks its 50th anniversary Sunday, chalked up a record 161.9 trillion won ($144 billion) in sales in 2017, with last year's figure estimated to exceed it, according to the report by the Korea CXO Institute, a corporate tracker. (Yonhap)The 2017 top line is a whopping 4.37 million times its sales recorded in the first year of its business.
Jan. 7, 2019
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[On the Bar] Cryptocurrency and ‘proper’ regulations for ICO
On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. -- Ed.Initial coin offering refers to the fundraising activities for entrepreneurial purposes by issuing the cryptocurrencies and/or tokens based on the blockchain technology. In other words, an ICO has a similar function with an initial public offering in the crypto world. Ever since the ICO in 2013, in which Mastercoin raised 5,000 Bitcoin, equivalent
Jan. 6, 2019
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[Photo News] LG's robotic vacuum meets pop art
(LG Electronics)LG Electronics’ premium robotic vacuum Cordzero R9 ThinQ, designed by artist Kenny Scharf, is showcased. The appliances decorated with pop-art graphics will be displayed at Scharf’s solo exhibition “Super Pop Universe” at Lotte Museum of Art in Seoul until March 3. (khnews@heraldcorp.com)
Jan. 6, 2019
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Korea regains top spot in shipbuilding, but challenges remain in offshore drilling
South Korean shipbuilders regained the top spot in the global market share of shipbuilding orders last year, beating their Chinese counterparts for the first time in seven years due mainly to a surge in demand for liquefied natural gas carriers. The industry, which has just turned a corner, still faces challenges in offshore drilling. According to London-based offshore and energy tracker Clarkson Research, global orders of Korean shipbuilders stood at 12.6 million compensated gross tonnage last
Jan. 6, 2019
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Celltrion to directly sell Remsima SC, secure own direct global distribution network
South Korean biosimilar firm Celltrion will establish a direct sales network for its drugs worldwide, and specifically Remsima SC -- a subcutaneous version of Remsima -- in an effort to secure price competitiveness and lead the global biosimilar market, its chief said in a New Year’s press conference last week.The firm is also working toward opening a joint company in China within the first half of the year as part of the plan, said Celltrion’s founder and Chairman Seo Jung-jin. Apart from strat
Jan. 6, 2019
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Number of new convenience stores in Korea drops in 2018
The number of new convenience stores in South Korea moved down in 2018 from a year earlier, industry data showed Sunday, due mainly to an increase in labor costs and the market's saturation.According to industry data, new CU branches, operated by BGF Retail Co., posted a net increase of 666 last year, falling sharply from the on-year rise of 1,646 posted in 2017. The figure is based on the number of new shops minus those shut down permanently. (Yonhap)GS25, the country's No. 2 convenience store
Jan. 6, 2019